C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2014 Donna Kay C HAPTER 7 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

7-2 C HAPTER 7 O VERVIEW  Accounting Cycle  Financial Statement Reports  Tax Reports  Management Reports  Export Reports to Excel

7-3 A CCOUNTING C YCLE Throughout the year:  Chart of Accounts: add, update, and delete accounts  Transactions: record using onscreen forms

7-4 A CCOUNTING C YCLE At year-end, prepare:  Trial Balance  Adjustments: record with onscreen journal  Adjusted Trial Balance  Financial Statements and Reports

7-5 T RIAL B ALANCE Lists each account and the account balance at the end of the period

7-6 A DJUSTMENTS 5 types of adjustment to bring the accounts up- to-date at year-end: 1. Depreciation 2. Prepaid Items 3. Unearned Revenue 4. Accrued Expenses 5. Accrued Revenues

7-7 A DJUSTING E NTRIES 1. Select Accountant 2. Select Make General Journal Entries

7-8 A DJUSTING E NTRIES 3. Enter Date 4. Enter Entry No. 5. Select Adjusting Entry 6. Select Account to Debit 7. Enter Debit Amount 8. Enter Memo 9. Select Account to Credit 10. Enter Credit Amount 11. Select Save & Close

7-9 A DJUSTED T RIAL B ALANCE Trial Balance + / - Adjusting Entries = Adjusted Trial Balance

7-10 G ENERAL L EDGER General Ledger lists for each account:  Beginning balance  Transactions affecting each account  Ending balance

7-11 G ENERAL L EDGER 1. Select Reports 2. Select Accountant & Taxes 3. Select General Ledger 4. Enter Dates 5. Select Run

7-12 G ENERAL L EDGER 6. Select Customize Report 7. Select Filters tab 8. Select Filter 9. Enter Account

7-13 G ENERAL L EDGER 10. Select Display Tab 11. Select Advanced 12. Select In Use 13. Enter Current 14. Select OK

7-14 R EPORTS Financial Statements  Income Statement (P&L)  Balance Sheet  Statement of Cash Flows

7-15 R EPORTS Tax Reports  Income Tax Preparation Report  Income Tax Summary Report  Income Tax Detail Report

7-16 R EPORTS Management Reports  Cash Flow Forecast

7-17 To Learn More … See Chapter 7 Visit the Online Learning Center Visit